Which document lists each work segment and its cost to support progress payments?

Which document lists each work segment and its cost to support progress payments?

• A. Schedule of Variance
• B. Schedule of Values
• C. Schedule of Materials
• D. Schedule of Loans

Answer: (B)

Progress payments hinge on the value of work actually completed, so you need a document that breaks the total contract sum into individual work items and assigns a cost to each. The Schedule of Values does exactly that: it itemizes the work (for example site work, foundations, framing, finishes) and links each item to a current value. This breakdown lets the contractor request a payment that corresponds to the portion of work earned, and it lets the owner or CM verify and approve the payment against the completed scope. The schedule is typically updated as the project advances or changes occur, ensuring payments reflect current earned value. Other options don’t serve this specific function: a Schedule of Variance tracks how actual progress differs from plan, not the basis for payment; a Schedule of Materials lists materials but isn’t the standard basis for progress payments; a Schedule of Loans is unrelated to construction progress payments.

Progress payments hinge on the value of work actually completed, so you need a document that breaks the total contract sum into individual work items and assigns a cost to each. The Schedule of Values does exactly that: it itemizes the work (for example site work, foundations, framing, finishes) and links each item to a current value. This breakdown lets the contractor request a payment that corresponds to the portion of work earned, and it lets the owner or CM verify and approve the payment against the completed scope. The schedule is typically updated as the project advances or changes occur, ensuring payments reflect current earned value. Other options don’t serve this specific function: a Schedule of Variance tracks how actual progress differs from plan, not the basis for payment; a Schedule of Materials lists materials but isn’t the standard basis for progress payments; a Schedule of Loans is unrelated to construction progress payments.